The National Insurance Commission, NAICOM and the Federal Ministry of Transportation is to collaborate to ensure provision of adequate insurance for road transport owners and users within Nigeria and ECOWAS member countries.
To this end, the Ministry and NAICOM have agreed to immediately establish a joint committee to look into different areas of interest to ensure a mutually beneficial relationship.
This is the high point of the meeting between both parties at the NAICOM headquarters in Abuja today.
This is part of the unfolding sequence of policy thrust on the part of the Commission to put insurance as the midwife of commerce and all economic activities in the country, thereby creating a reset in the minds of the individuals and businesses the importance of insurance cover for all activities. The expected DNA covering insurance and transportation wellbeing to be jointly created by these two bodies, will have overlapping benefits in the West Africa sub-region for road transport owners and users.
The Hon. Minister of State, Transportation Sen. Gbemisola Ruqayyah Saraki led the delegation from the Ministry to NAICOM and was received by the CFI and members of his management.
While speaking, the Minister informed the meeting that the Federal Ministry of Transportation has embarked upon a transformation programme of the road transportation sector that will have tremendous impact on the lives and wellbeing of the Nigerian people. The support of the Minister of the insurance content was evident in her approval of the Commission’s position, noting that insurance is a critical aspect of transportation hence the need to collaborate with NAICOM to ensure a success of the programme.
The CFI, Mr. Olorundare Sunday Thomas assured the Minister of the readiness of the Commission to collaborate with the Ministry to ensure adequate insurance coverage in the sector. He informed the Minister that the Commission is ensuring order in the insurance sector particularly, in the vexed issue of fake insurances in the road transportation sector saying the Commission has now developed technology for verification of insurance policies.
